|2020 Federal Income Tax Calculator
|2020 Federal Income Tax Calculator|
Use this calculator to estimate your 2020 federal income tax liability. This calculator is not intended
to be used to prepare your federal income tax return, and should not be used for that purpose. This calculator
assumes that the values you input are accurate--no independent logic check is performed unless otherwise
To use the calculator, select your filing status and whether to itemize deductions, check off the appropriate fields under “Standard Deduction Adjustments,” and fill in the requested information for “Dependents”.
Enter amounts for income, adjustments, itemized deductions, qualified business income deduction, tax credits, other taxes, and payments.
This calculator estimates 2020 federal income tax liability, based on the input provided. If the information provided is
incorrect, the results of the calculator will not be accurate. Even if all amounts input are correct, the calculator cannot
account for all situations, and therefore should not be relied upon as an accurate reflection of federal income tax
liability. While this calculator may be helpful, it is not intended to take the place of a tax professional.
Circumstances in which this calculator will not provide accurate results include cases in which you can be claimed as a dependent by someone else.
The calculator limits the allowable amount of the itemized charitable gift deduction to 100% of adjusted gross income (note that the amount
actually allowed may be less, depending upon the gift recipient and the type of property donated). The itemized
deduction allowed for a casualty loss is subject to a $100 floor and a threshold based on adjusted gross income (AGI)
(a deduction is allowed only to the extent that it exceeds 10% of AGI). This calculator does not take these factors into
The Child Tax Credit and the Credit for Other Dependents are based on other entries. Other tax credits,
including the Earned Income Tax Credit, are not calculated automatically, and must be manually entered. This calculator
does not calculate the refundable portion of either the Child Tax Credit or the American Opportunity Tax Credit.
The calculator does not account for Schedule C income for more than one spouse, and cannot calculate or account for
excess Social Security tax withheld.
There are many alternative minimum tax (AMT) preference amounts or adjustments that are not factored into the AMT calculation.
This calculator does not consider the excess advance premium tax credit repayment, the health care individual responsibility payment, or the net premium tax credit.
This calculator reduces the qualified business income deduction to the extent that the deduction exceeds 20% of taxable income (as reduced by long-term capital gains and qualified dividends). For this purpose, taxable income is computed without regard to this deduction.
Any information provided has been prepared from sources believed to be reliable but is not guaranteed, does not represent all available data necessary for making investment decisions and is for informational purposes only.
This communication is strictly intended for individuals residing in the state(s) of AL, AK, AZ, AR, CA, CO, CT, DE, DC, FL, GA, GU, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, PR, RI, SC, SD, TN, TX, UT and VT. No offers may be made or accepted from any resident outside the specific states referenced.
|Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2021.